Called the "number-one emerging business strategy" by The Wall Street Journal, revenue management will be the focus of a new conference held April 21 at Georgia Tech College of Management.
Co-hosted by the Georgia Tech Business Network, the Revenue Management and Price Optimization Conference will run from 8:30 a.m.-7 p.m. in rooms 314 and 316 of the Management building (800 West Peachtree St.), teaching business leaders innovative ways to maximize their profits by matching supply with demand.
Revenue management, which is catching on quickly with many industries, involves dynamic pricing strategies like those long employed by the airlines - for example, offering competitive rates to leisure travelers who book early while charging business travelers much more for last-minute reservations.
Robert Cross, dubbed the "guru of revenue" by The Wall Street Journal and author of a bestselling book on the topic, will kick off the conference at 9 a.m. with opening remarks. Lloyd Hansen, who recently retired from Ford Motor Co. as vice president and chief revenue officer, will deliver the conference's keynote address at 5 p.m., describing his experiences and successes overseeing revenue management for the automaker. Ford estimates savings of $800 million a year through pricing strategies that offer the right mix of features and incentives to maximize profit per vehicle.
The conference includes distinguished panelists from top companies already employing dynamic pricing strategies, including Continental Airlines, Dell, Dillard's, Marriott International, Wachovia Corporation, and J.P. Morgan Chase & Company. Workshops throughout the day will focus on the use of revenue management in retailing, health care, manufacturing and distribution, hospitality, software, transportation, and financial-services industries.
"Our goal is to provide a venue for industry practitioners and academics to share ideas and learn the latest developments in the area of dynamic pricing and revenue management," says conference organizer Mark Ferguson, assistant professor of operations management. "Advances in information technology are what have made effective pricing and revenue management possible today. New technologies are allowing companies to collect and analyze data to better understand price elasticity and demand while tools like Internet sales and electronic shelf labeling systems make it easy and affordable to change prices."
"This conference - the only one of its kind in the Southeast - is a huge step for the field of pricing and revenue management," says Jon Higbie, a conference panelist who is director of operations research at Manugistics, a global provider of revenue-management solutions that has been instrumental in the development of the College of Management's Pricing & Revenue Management Initiative.
"We're proud to be at the forefront of this field," says College of Management Dean Terry C. Blum. "We're conducting the research and building the ties between academia and industry that will help improve the effectiveness and understanding of revenue management. Our interdisciplinary approach has been highly successful."
Registration for the conference is available by downloading and completing the form linked above. Early registration (by April 14) costs $65 ($25 for students). After that time, the price is $85 ($30 for students). To pay by credit card online, visit the Georgia Tech Business Network Homepage. For more information, contact Mark Ferguson at 404-894-4330.